USDJPY daily price action showing signs of potential uptrend. However I will not buy at current market price because I want to avoid myself from entering too high and get stopped out too soon.
I also realized that smart monies regularly set up over-extension or huge momentum candles to lure impatient traders come in, based on my experience & other professional traders commentaries.
Hence I will be looking to long USDJPY when it comes down to 111.5 zone first and then had a few pips of rebound.
My stop loss will be 111.3. I will gradually trail my stops if market breaks the highlighted resistance zones.
This is not a buy/sell call. Do confirm with your own trading plan. Happy trading everyone.
I also realized that smart monies regularly set up over-extension or huge momentum candles to lure impatient traders come in, based on my experience & other professional traders commentaries.
Hence I will be looking to long USDJPY when it comes down to 111.5 zone first and then had a few pips of rebound.
My stop loss will be 111.3. I will gradually trail my stops if market breaks the highlighted resistance zones.
This is not a buy/sell call. Do confirm with your own trading plan. Happy trading everyone.
Order cancelled:
market went down to 111.5 zone but did not staged a rebound for an entry long. Trade closed. Will continue to monitor this pair for potential trade setups.